Overseas Filipino Workers work very hard for their families. They deserve all the earnings and the benefits they can get from their jobs abroad. The Social Security System (SSS) launched a special program for OFW to grow their money.
What is SSS Flexi Fund?
SSS Flexi Fund is a Provident Fund program exclusively offered to OFW (Overseas Filipino Workers) to help them save and earn more money while enjoying SSS benefits at the same time. This type of fund is not mandatory. It is a member’s decision to avail SSS Flexi Fund or not.
We have a detailed review about it here: SSS Flexi Fund Program Review if you want to learn more.
How to Open SSS Flexi Fund – Step by Step Procedures:
It’s so easy to open this type of fund. All you have to do is fill out the form required (below) and enroll yourself for the Flexi Fund. Once you are enrolled, your Flexi Fund account will be created and you can start adding funds to it which can earn interest income over a long time.
SSS Flexi Fund Requirements:
- Fill out Enrollment Form for your Flexi Fund
- Submit it at any SSS Foreign Representative office near you
- If you’re in the Philippines, you can also submit it at the nearest SSS. Bring your valid OEC (Overseas Employment Certificate or E-receipt issued by POEA as proof of your pending deployment if you will apply Flexi Fund in the Philippines.
How to remit your Flexi Fund contributions?
It’s also the same as remitting regular SSS contributions of an OFW. Submit your SSS Form RS-5 (Contributions Payment Return) and fill out the data. Don’t forget to tick OFW as payor type.
You can add excess funds in your monthly contributions, any excess (200+) from it will automatically go to your SSS Flexi Fund. Simple as that 🙂 SSS stated that any excess of P200+ from your monthly contribution will go to your fund investment.
Note that your investment fund is not required to pay monthly just like SSS contributions. You can also pay it separately with your SSS contributions.
You can add funds in your account whenever you want (monthly, quarterly, annually or anytime you want) that is why it is flexi (flexible). But for easy remittance, I suggest you pay it same way when you pay your SSS contributions.
Your Flexi Fund is an investment. It earns income thru fixed-income government securities where all investors’ funds are invested.